Treasury Metals Inc.
TSX : TML

Treasury Metals Inc.

November 17, 2008 17:22 ET

Treasury Metals Announces Debt Repayment and Disposition of Shares

TORONTO, CANADA--(Marketwire - Nov. 17, 2008) - Treasury Metals Inc. (TSX:TML) ("Treasury" or the "Company"), a growth orientated gold and base metals exploration and development company, today announced a corporate update regarding debt repayment and the disposition of shares.

Treasury entered into an agreement with Laramide Resources Ltd. ("Laramide") (TSX:LAM), effective on September 30, 2008, whereby Treasury agreed to sell to Laramide 842,504 common shares in the capital of Aquiline Resources Inc. ("Aquiline") (TSX:AQI) held by the Company at a price of CAD$6.00 per share for total proceeds of CAD$5,055,024. The price of the transferred Aquiline shares was established at the end of August 2008, based on an average of the market price of the Aquiline shares at that time. The proceeds of the sale of shares were used to retire all outstanding debt owed by Treasury to Laramide. Laramide holds 15.3% of Treasury's issued and outstanding shares. Following the sale of shares, Treasury continues to hold 98,803 common shares of Aquiline.

This debt was incurred in connection with the purchase of the Thunder Lake Property from Teck Cominco Limited and Corona Gold Corporation and to fund Treasury's ongoing operating and exploration expenses.

About Treasury Metals Inc.

Treasury Metals Inc. is a mineral exploration and development company with a growth-orientated strategy to acquire and develop quality precious and base metals assets in Canada. The Company's flagship asset is the 100% owned Goliath Project, an advanced-stage, high-grade gold deposit with the potential for additional silver, lead and zinc credits. The 100% owned Lara Project is an advanced stage, high-grade base and precious metals project with significant potential for additional resources in its Lara Deposit. The Company also has an existing royalty revenue from Sierra Minerals' (TSX:SIM) Cerro Colorado Mine in Mexico and other monetizable assets. The management team and board are seasoned mining industry veterans with proven track records. As a spin-off company of Laramide Resources (TSX:LAM), Treasury benefits from a strong existing shareholder base. The Company web site is: www.treasurymetals.com.

Forward-looking Information

Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future financial condition, results of operations and business. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.

Contact Information